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Code of Federal Regulations Title 33. Navigation and Navigable Waters § 33.135.209 Guaranty as evidence

Current as of October 02, 2022 | Updated by FindLaw Staff

(a) Guarantors must:

(1) Agree to be sued directly, within the limits the guaranty, by any person for claims under the Act against the owner or operator;  and

(2) Designate an agent in the United States for service of process.

(b) Guaranties filed as evidence of financial responsibility must be accompanied by the same proof that the Guarantor is financially responsible as this subpart would require of the owner or operator;  i.e. insurance, surety bond, self-insurance, or other acceptable methods.

(c) A guaranty as evidence of financial responsibility must indicate the effective date in the endorsement on the application for Certificate of Financial Responsibility, and must remain in force until the date of termination indicated in the endorsement or until:

(1) 30 days after mailing, by certified mail, to the Fund Administrator, and the person guaranteed, notification of intent to cancel;  or

(2) Other evidence of financial responsibility acceptable to the Fund Administrator has been established;  or

(3) The facility to which the guaranty applies ceases to be a facility under § 135.201(b).

(d) Termination of the guaranty shall not affect the liability of the guarantor for an incident occurring before the effective date of termination.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 33. Navigation and Navigable Waters § 33.135.209 Guaranty as evidence - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-33-navigation-and-navigable-waters/cfr-sect-33-135-209/

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